Jan 23, 2009

The local real estate market is picking up - but in a different way. Bargain hunters are realizing what great opportunities are out there right now. But not every seller is desperate to offer them a sweet deal.

Lately, I've seen my share of potential buyers who think that a pre-qualification letter is a 20% off discount coupon. And a cash offer should entitle them to a hefty discount as well. That isn't the case in North Dallas.

In today's market, many sellers expect to see a pre-qualification letter from a lender attached to an offer for purchase. I strongly urge any potential buyer to get such a letter from their lender before looking at properties. If you're in the enviable position to pay with cash, then you'll need a 'proof of funds' letter to include with your offer.

The best deals on homes are going to buyers who are prepared to move quickly (with cash or a loan already lined up) and those willing to wait out the lengthy process of a short sale or difficult transaction.